Why should I have life insurance?
If you have a mortgage, partner or responsibility for children, you should have life insurance. The most important advantage of a life insurance policy is that it helps your survivors manage, service, minimize or cancel debts in the event of your death.
Buy life insurance when you are young
Have you bought your first home with a partner and perhaps had children? Then you are in a situation where you should consider having life insurance. Such insurance is the nastiest and most affordable way to ensure your loved ones a safe and stable financial future, should you pass away yourself.
The price of NITO Life Insurance will vary depending on age and your chosen sum insured. Example:
- If you are 25 years old and choose a low sum insured, you pay around NOK 25 per month.
- If you are 45 years old and choose the maximum sum insured, you pay around NOK 479 per month.
The price of a life insurance policy is surprisingly low when you are young.
How to choose the sum insured on life insurance?
When you buy life insurance, you are free to choose the sum insured to be paid out.
The smartest thing is often to choose the payment amount based on the size of your debt, then your loved ones have the opportunity to keep your home and other assets.
With NITO Life Insurance, you can insure yourself from over one million kroner (10G) to over five million kroner (50G). Remember that the size of the sum insured affects the price of the insurance.
What is the National Insurance basic amount (G)?
As of 1 May 2025, 1 G amounts to NOK 130,160.
- Most benefits in the National Insurance Scheme are stated in the number of G.
- The basic amount is adjusted on 1 May each year.
Buy life insurance when your health is good
All life insurance policies are based on your health when the insurance is purchased and require a self-declaration. This applies whether you are buying a new life insurance policy or when you want to increase the sum insured on one you have already bought.
It is therefore smart to buy life insurance while your health is good, so you avoid a possible rejection and you ensure your loved ones financial security in the future.
A lot to save with NITO Life Insurance
NITO Life Insurance is specially negotiated for NITO's members. Unlike a private life insurance policy, members get a set price that is much lower than if you buy the insurance as unorganized.
In the private market, life insurance can cost from NOK 2000 to over NOK 12,000 a year. The variation is great because the insurance is individually priced based on age, risk and sum insured.
Do I need life insurance?
If you have zero debt and no children, life insurance may not be the first thing you should prioritize. You should then rather put the money into a good disability insurance.
Who gets paid out from my life insurance policy?
A life insurance policy is generally not part of an inheritance settlement. You can decide for yourself who will receive the payment from a life insurance policy through a special beneficiary if you wish.
If you have a cohabitant with the same registered address as you, the compensation from NITO Life Insurance will automatically go to your cohabitant, who is here equal to spouses in the order of inheritance.
For example, if you have children from a previous relationship or other close relatives you want to receive payment, this can be specified with the insurance company.
Children from a previous relationship and a new spouse/cohabitant
A life insurance policy can be particularly wise if you have children from a previous relationship, children of your own who do not belong to your current partner. Since children from a previous relationship over the age of 18 can request to have the inheritance paid out at any time, the life insurance will help your partner pay out the inheritance without having to sell the home. This could help against potential conflicts for the survivors.
Are you properly insured? Talk to us
NITO's insurance centre can take a free review of your insurance policies and provide good advice to ensure that you are covered in the best possible way.
